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June 16, 2015

Nanjing SR Puzhen Rail Transport wins metro and tram supply contracts in China

Midas Holdings' joint venture company Nanjing SR Puzhen Rail Transport (NPRT) has secured three metro and tram contracts in China worth CNY2.1bn ($342m).

Midas Holdings’ joint venture company Nanjing SR Puzhen Rail Transport (NPRT) has secured three metro and tram contracts in China worth CNY2.1bn ($342m).

The first is a CNY971m ($156m) metro train supply contract and was awarded by Hefei Urban Rail Transit for the Hefei Rail Transit Line 2.

Shanghai Rail Transit Line 8 Phase III Development has awarded the second contract worth CNY808m ($130m) to NPRT and its consortium partners for the Shanghai Metro Line 8 Phase III.

"The two sizeable metro train contracts bring a healthy boost to NPRT’s order books, and the tram car supply contract offers diversification to its portfolio."

Suzhou New District Tramway has awarded the CNY326m ($52m) contract for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 2.

According to the company, delivery of the metro trains and trams is scheduled between 2016 and 2017.

Midas executive director and chief executive officer Patrick Chew said: "The new contracts reinforce NPRT’s competitive advantage in the PRC transportation industry, and further demonstrate its ability to forge strategic alliances in the pursuit of new business opportunities.

"The two sizeable metro train contracts bring a healthy boost to NPRT’s order books, and the tram car supply contract offers diversification to its portfolio.

"Modern low-floor trams are an effective solution suited to the transportation needs of small and medium-sized People’s Republic of China (the PRC) cities and can also serve as a feeder service connecting to major metro lines."

Midas holds a 32.5% stake in NPRT, which is involved in the development, manufacturing and sale of metro trains, bogies and other related parts.

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